Strong demand for hybrid vehicles lifts Korean auto exports
SEOUL, April 15, 2017 (WAM) – The Republic of Korea’s automobile exports rose in March compared to last year, driven by strong demand for hybrid cars.
Yonhap News Agency reported that data from the Ministry of Trade, Industry and Resources released today show that the total value of automobile exports reached 6.37 billion US dollars last month, an increase of 2.2% over the same month last year, and this number is the second highest number recorded in any month of March.
Hybrid cars, whose total export value rose by 79% year-on-year, contributed to this outstanding March performance.
By destination, shipments to the European Union jumped by 33%, while exports to Asia and the Middle East fell by 38.4% and 40.8%, respectively, partly due to the war between the United States and Iran, according to the data.
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